Leading wind power company Goldwind Technologies faces in-depth EU "anti-subsidy" investigation

Leading wind power company Goldwind Technology (002202.SZ) faces an in-depth “anti-subsidy” investigation by the European Union.

On February 3, the European Commission announced that, under the Foreign Subsidies Regulation (FSR), an in-depth investigation has been initiated into Goldwind Technology’s activities related to the production, sale, and related services of wind turbines within the EU.

Image source: European Commission

This is the first formal in-depth investigation launched by the EU under the FSR targeting a single Chinese wind power company.

EU Competition Commissioner Teresa Ribera stated that the investigation aims to ensure “fair competition for all enterprises in the European Single Market.”

The investigation traces back to April 2024. At that time, the European Commission initiated preliminary investigations into multiple European wind power companies, including Goldwind Technology.

Former EU Competition Commissioner Margrethe Vestager warned that Europe’s wind power industry risks repeating the solar industry’s mistakes, which previously benefited from “massive subsidies.”

Initial findings suggest that Goldwind Technology may have received foreign subsidies that undermine market fairness in the EU.

The involved subsidies include government grants, tax incentives, and preferential financing in the form of loans. The European Commission preliminarily believes these subsidies could enhance Goldwind Technology’s competitive advantage in the EU market and negatively impact the competitive environment for wind power equipment and related services.

The European Commission stated that it will verify the preliminary findings, but launching an in-depth investigation does not imply a final judgment has been made.

On February 4, Chinese Foreign Ministry spokesperson Lin Jian responded to questions from reporters, saying that the EU frequently uses unilateral trade tools to impose discriminatory and restrictive measures against Chinese companies, which sends a protectionist signal, damages the EU’s image, and affects Chinese companies’ confidence in investing in Europe.

Lin Jian emphasized, “We urge the EU to honor its commitments to market openness and fair competition, stop abusing unilateral trade tools, and provide a fair, transparent, and non-discriminatory business environment for companies from all countries. China firmly safeguards the legitimate rights and interests of Chinese enterprises.”

The EU-China Chamber of Commerce also issued a statement expressing serious concern and firm opposition to the frequent use of FSR investigations targeting Chinese companies.

The statement pointed out that since the implementation of the FSR, Chinese companies have become primary targets. EU investigations have disrupted normal business activities, created uncertainty for their development in the EU, and caused direct and indirect losses amounting to billions of euros.

The FSR came into effect on July 13, 2023, empowering the European Commission to address market distortions caused by foreign subsidies. The aim is to maintain trade and investment openness while ensuring fair competition within the EU internal market.

According to the regulation, after an in-depth investigation, the European Commission may take one of three actions: accept commitments from the company that sufficiently and effectively correct market distortions; directly implement remedial measures; or issue a no-objection decision.

A survey published by the EU-China Chamber of Commerce in November 2025 showed that among 205 surveyed Chinese companies and institutions in Europe, 63% reported that their business was affected by the FSR, and 51% believed that the FSR had caused indirect damage to their reputation and market image.

The survey indicated that to avoid potential investigations, many Chinese-funded enterprises have had to reassess their investment strategies in Europe, pausing, reducing, or delaying investment projects in EU member states.

This move by the EU occurs amid a significant rise in China’s wind power industry’s global influence.

According to China Customs data, in 2025, China’s wind turbine exports increased by 48.7%, with exports to the EU growing by 65.9%.

Goldwind Technology was listed on the Shenzhen Stock Exchange in 2007 and on the Hong Kong Stock Exchange in 2010, becoming China’s first “A+H” listed company in the wind power industry.

Currently, Goldwind Technology remains a leading global wind turbine manufacturer.

In the domestic market, according to Bloomberg New Energy Finance (BNEF), in 2024, Goldwind’s new wind power installed capacity reached 18.67 GW, holding a 22% market share, ranking first nationwide for 14 consecutive years.

Globally, in the same period, Goldwind Technology maintained the top position with a 15.9% market share for three consecutive years, followed by Envision Energy, Yunda Holdings, and Mingyang Smart Energy. The former giant Vestas from Denmark has fallen to fifth place. Among the top ten global wind turbine manufacturers, six are Chinese companies, which have historically occupied the top four spots.

In an investor relations event in December 2025, Goldwind disclosed that as of September 30, 2025, its external order backlog totaled 49.87 GW, with 7.16 GW from overseas.

The European Commission’s statement noted that Goldwind Technology actively expands into the European market through its subsidiary Vensys and other related companies.

Vensys was established in 2000, headquartered in Germany, and is one of the early companies globally dedicated to direct-drive permanent magnet wind power technology development. Goldwind acquired a 70% stake in the company in 2008.

According to Vensys’ official website, its wind turbines manufactured at the German production base are connected to power grids in Germany, Poland, France, the UK, Ireland, Spain, Cyprus, Egypt, the US, and Canada. The total installed capacity of Vensys technology-based turbines worldwide has reached 69 GW.

Despite China’s wind power companies dominating the global market, local giants still lead in Europe.

Foreign consulting firm Mordor Intelligence reports that in Europe, Vestas, Siemens Gamesa, and Nordex accounted for 68% of wind turbine orders in 2025. In recent years, Goldwind and Mingyang Smart Energy have gained market share by lowering prices by 15%-20% and establishing local assembly collaborations in Poland and Spain.

Image source: Mordor Intelligence

Currently, Goldwind’s overseas business accounts for a relatively small proportion of total revenue, with its core operations still rooted in China.

In the first half of 2025, the company’s overseas revenue was 8.379 billion yuan, about 30% of its total revenue.

As a leading wind power enterprise, Goldwind’s performance has rebounded significantly in recent years. In the first three quarters of 2025, it achieved revenue of 48.147 billion yuan, a year-on-year increase of 34.34%; net profit attributable to shareholders was 2.584 billion yuan, up 44.21%.

In the third quarter alone, revenue reached 19.61 billion yuan, up 25.4% year-on-year, with net profit hitting 1.097 billion yuan, a 170.64% increase.

The announcement at that time attributed the revenue growth mainly to the expansion of wind turbine and component sales; net profit increase was due to higher gross margins and gains from fair value changes, offsetting reduced investment income.

Since December 2025, the company’s investment in Blue Arrow Aerospace, aligned with the trending “Commercial Space” concept, has led to a stock price surge of 77%, making it the first wind power stock with a market value of over 100 billion yuan.

In addition to commercial space, Goldwind’s investment portfolio also includes rare earth permanent magnets, energy storage, hydrogen energy, and artificial intelligence, mainly managed by its wholly owned subsidiary Goldwind Investment.

As of the close on February 4, the stock price was 27.28 yuan per share, up 0.44%, with a market capitalization of 115.3 billion yuan.

Regarding the impact of the EU “anti-subsidy” investigation and related countermeasures, JiJian News contacted Goldwind through multiple channels but had not received a response as of the time of publication.

(Article source: JiJian News)